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Akwa Ibom Assembly approves gov Emmanuel’s request for N7bn loan



The Akwa Ibom House of Assembly on Thursday approved Governor Udom Emmanuel’s request to obtain N7 billion loan for agricultural and housing projects in the state.

The governor had in two separate letters to the House and read by the Speaker, Aniekan Bassey, at the plenary, asked the Assembly to approve the state government’s request to obtain N2 billion from the Central Bank of Nigeria Commercial Agricultural Credit Scheme.

He also requested for N5 billion for the development of Housing Estates in the state.

According to Emmanuel, the CBN Commercial Agricultural Credit Scheme will boost the cultivation of cocoa, coconut, and maize in the state.

READ ALSO: Akwa Ibom Assembly confirms eight commissioner-nominees

He said: “The CBN Credit Scheme is considered a very good window for state governments and corporate bodies to access credits at relatively low-interest rates at five per cent per annum to develop agriculture with its attendant advantages and benefits.”

The governor revealed that the N5 billion would be sourced from the Family Home Funds to finance development of 650 affordable housing units for civil servants at Ibiono Ibom and Itu local government areas of the state.

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